Benefits of Real-Time InventoryĪdding new software and/or supporting technologies to move towards a real-time inventory environment can be a significant expense for companies, so understanding the benefits of moving in this direction is critical for your fulfillment center services. Furthermore, third party warehouse companies will oftentimes supplement these systems with other tools, such as RFID (radio frequency Identification) technologies or bar code systems in order to more quickly and effectively record new receipts and sales. There are some enterprise level systems that bring all of these functions under one “software platform roof”. For companies that work in a brick-and-mortar environment, point of sale systems provide the technology that enables real-time updates for product sales, whereas companies that sell online will be required to integrate their online sales channels with their inventory system in order to record sales. The inventory management system serves as the backbone for recording overall receipts and sales of product. Rather than periodically updating inventory at pre-determined intervals (usually through the use of inventory counts), real-time systems record every transaction (both purchases of new stock as well as outbound orders and all of the associated costs) in real-time. Real-time inventory management is the process of recording sales and purchases of inventory immediately through the use of a software so that your company gains a complete picture of what’s occurring with inventory, enabling your organization to react quicker to supply chain needs. Just What is Real-Time Inventory Management? The best way to get a handle on inventory is to use software that gives you real-time inventory management capabilities. At the heart of your warehousing and fulfillment operation is properly managing your inventory so your company can effectively re-order product and effectively stock product so that both excess inventory and stock-outs are avoided. Similarly, real-time information is critical in your supply chain as well. Whether it’s real-time metrics, marketing, or communications – bringing more immediacy to customers and business associates helps companies make smarter decisions for the future in our fast-paced world. No doubt you’ve seen plenty of analysis in the business world about real-time technologies and how it’s bringing more immediate results to companies.
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